The online marketplace based on Telegram is known as HuiOne Guarantee, and its providers have collectively received at least $24 billion in cryptocurrency, surpassing the now-defunct Hydra to become the largest illegal online marketplace ever to operate.
numbers, released Elliptic, a blockchain analytics company, shows that monthly inflows have increased by 51% since July 2024.
Huione Guarantee, part of the Huione group of companies, found himself in the center of attention in the middle of last year, when it was exposed as a hub for online fraudsters touting money-laundering services, stolen data and even electrified handcuffs designed to be used against people who fall for scams under the guise of high-paying work to carry out a scam that sparks romance. The development led to the cryptocurrency company Tether freezing $29.62 million worth of cryptocurrency related to the market.
Set up in 2021 ostensibly to facilitate the sale of cars and real estate, it is said to have strong ties to Cambodia’s ruling Hun family.
“The marketplace appears to be a key enabler for transnational organized crime groups committing fraud against victims worldwide,” according to a new Elliptic report shared by The Hacker News.
Public disclosures about HuiOne Warranty and HuiOne Pay, another subsidiary of the HuiOne Group, have since pushed the Chinese-speaking market to distance themselves from their parent company, renaming themselves Haowang Guarantee.
It should be noted that HuiOne Pay was identified as receiving over $150,000 in cryptocurrency from an anonymous wallet used by the North Korean hacking group Lazarus between June 2023. until February 2024. The wallet was used to store digital assets stolen from three crypto companies in June and July 2023.
HuiOne Guarantee, which previously said it was not responsible for goods and services advertised on the platform, has also stepped in to block some trades, including those related to human trafficking, firearms and terrorism.
However, Elliptic’s analysis shows that the market continues to grow, with cash inflows exceeding $24 billion. The value of cryptocurrency received by wallets used by HuiOne Guarantee and its suppliers exceeded $4 billion in the fourth quarter of 2024 alone. In contrast, the Hydra market has generated roughly $5.2 billion in cryptocurrency over its entire six-year lifespan.
“Additionally, nearly $6 billion in crypto has passed through a Telegram bot used primarily for online gambling on HuiOne Guarantee,” the company said. “Initial analysis of bets made through the platform indicates that many of these may be money laundering.”
Elliptic’s investigation also revealed that HuiOne Pay is one of many providers offering services to launder the proceeds of the scams fueling the affair. Another supplier identified by the company claimed to be operating out of the Golden Fortune Science and Technology Park in Chre Thom, Cambodia. scam connection connected to Internet fraud.
In recent months, HuiOne Group has also launched a range of crypto-related products, including the USDH stablecoin backed by the US dollar, a decentralized crypto exchange that allows users to exchange USDH for other cryptocurrencies, and a program ChatMe messaging app for Android and iOS. .
“This appears to be an attempt to reduce the risk of deplatforming by the likes of Tether or Telegram,” Tom Robinson, Elliptic’s co-founder and chief scientific officer, said in a statement.
